Expanding per capita incomes in the United States have resulted in a(n):
A. More-than-proportionate increase in the demand for agricultural products
B. Proportionate increase in the demand for agricultural products
C. Less-than-proportionate increase in the demand for agricultural products
D. Absolute decline in the amount of agricultural products consumed
C. Less-than-proportionate increase in the demand for agricultural products
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If an increase in the price of peanut butter causes a decline in the demand for jelly, then
a. the goods are substitutes b. jelly is an inferior good c. the goods are complements d. both goods are inelastic e. peanut butter is an inferior good
The very low inflation that the U.S. experienced in 2009 and 2010
a. appears to have reduced expected inflation, and the short-run Phillips curve shifted downward as a result. b. appears to have reduced expected inflation, and the short-run Phillips curve shifted upward as a result. c. does not appear to have reduced expected inflation, and the short-run Phillips curve remained relatively stable as a result. d. does not appear to have reduced expected inflation, but the short-run Phillips curve shifted dramatically nevertheless.